The Punjab Government’s Finance Department has changed their old pension rules and added deductions for those who are getting early retirement.
Currently, the latest notification assigns a reduction in pension according to the age of voluntary retirement of the employee. Thus, for instance, a 59-year-old retiree will receive a 2 percent deduction, while one who retires at age 58 is given a 4 percent cut.
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As progressive scales, the decrement increases, while for a person aged 57, 6 percent is deducted; for urgent retirees aged 56 years, the reduction is around 8 percent, and for those aged 55 years, they enjoy a 10 percent pension cut.
The amendments are aimed at ensuring an early retirement benefit for fiscal sustainability. The notification underscored the political will of the government to integrate the pension regime into the wider economic goals.